
India’s Auto Sector Set for Global Boost with FTAs!
A recent NITI Aayog report highlights how free trade agreements (FTAs) with the US and EU can boost India's auto component industry. These agreements are crucial for attracting foreign investments and forming joint ventures. The report suggests implementing a new Production Support Scheme to assist auto components not covered by the existing Production Linked Incentive scheme, aiming to triple exports to $60 billion by 2030. By enhancing fiscal incentives and promoting technology transfer from countries like Germany and Japan, India can strengthen its position in global value chains. The time for action is now, as India has the potential to become a manufacturing hub in the auto sector.